BTC Continues To Fall as First Half of 2022 Comes to a Close

© Reuters BTC Continues To Fall as First Half of 2022 Comes to a Close

• BTC closes the first half of the year off on a negative note.
• The price of BTC now lingers around the $20k mark.
• BTC’s market cap is around $398.70 billion.

As the first half of 2022 comes to a close, it’s fair to say that the largest crypto by market cap, Bitcoin (BTC), has not had a favorable start to the year.

Since the 1st of January this year, BTC has dropped from its monthly close of around $38,466 to its current level, which is $20,867 at the time of writing (9h30 GMT + 2). This follows after it dropped a further 2.27% in the last 24 hours, according to CoinMarketCap.

Since the start of this year, BTC has posted five red monthly candles and two green monthly candles. Now, it looks like BTC is looking to close another red monthly candle as it dropped from this month’s open at $31,801.05 to its current level, which is just over a 30% drop in price over the last 30 days.

However, BTC is still comfortably leading the way in the crypto market when it comes to market cap as its market cap total is around $398,701,430,743. The next biggest market cap is that of Ethereum (ETH), with a total market cap of $146,577,330,063.

BTC/USDT monthly chart (Source: CoinMarketCap)

BTC has been in a tussle with the $20,000 level, which is the all-time high set in December 2017. The last two months saw BTC drop below this level in what looked like a continued selloff in the crypto market. However, BTC has since then been able to recover slightly and has now been hovering in the range of $20k and $21.5k.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.

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